Binance CEO Says BTC Price Trend in 2018 is Similar to 2014, Follows Specific Patterns
The current cryptocurrency momentum is not so optimistic. Sunday’s decline saw bitcoin drop to the lowest point in the past three months. The latest price decline brings the total BTC price loss for 2018 to 53 percent, which also taking all the other major cryptos prices down. Growing panic blows as bitcoin bubble seems likely to burst some time and the total market cap of crypto has dropped under $300 million.
Nevertheless, volatility is a key characteristic shared by bitcoin and all the other cryptocurrencies. Some market players still feel anxious when they see dips and peaks occur frequently in a short period of time.
In this regard, Zhao Changpeng, the CEO and founder of Binance, reminds crypto investors that volatility just frequently occurs in this market and they do not have to concern about the short-term price momentum.
Zhao has posted the bitcoin price charts in the previous years on Twitter to show there are numbers peaks and lows for bitcoin over the years and the price fluctuations in 2018 is still normal. Actually, bitcoin price has not been “flat” since May of 2011, after that, bitcoin market becomes more and more mature and is subject to volatility in its own way just like other financial markets do.
In the meantime, Zhao also mentioned that bitcoin follows the specific patterns every year. Even the year 2017, which has been recognized as “a year for bitcoin”, is no exception. Bitcoin once reached an all-time high of nearly $20,000 U.S. dollars at the end of 2017 and it is clearly that history will repeats itself one day so investors do not have to fret over the current price.
Under this tweet, most replies agree with Zhao’s points and are still optimistic about the price trend for bitcoin in the long term. Nevertheless, the introduction of institutional money will keep influence the crypto market which is not a good news for those seeking short-term profits.